Price
Financials
Consolidated, Rs crore| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 30 | 59 | 54 | 140 | 40 | -33 | -85 | 94 | -39 | -13 | 5 | 189 |
| Expenses | 3 | 2 | 4 | 3 | 4 | 5 | 4 | 5 | 5 | 4 | 81 | 4 |
| Operating Profit | 27 | 57 | 49 | 137 | 36 | -38 | -89 | 89 | -44 | -17 | -76 | 185 |
| OPM % | 91% | 97% | 92% | 98% | 89% | 95% | -1,663% | 98% | ||||
| Other Income | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 4 | 5 | 5 | 8 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | 27 | 57 | 50 | 136 | 36 | -38 | -89 | 88 | -48 | -22 | -82 | 177 |
| Tax % | 34% | 28% | 68% | 17% | 19% | 5% | -22% | 20% | -20% | -21% | -22% | 19% |
| Net Profit | 18 | 41 | 16 | 114 | 29 | -40 | -70 | 70 | -38 | -17 | -64 | 143 |
| EPS in Rs | 2.03 | 4.68 | 1.84 | 13.01 | 3.29 | -4.56 | -7.97 | 8.04 | -4.40 | -1.97 | -7.29 | 16.31 |
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 6 | 6 | 7 | 7 | 6 | 24 | 15 | 13 | 173 | 63 | 16 | 141 |
| Expenses | 3 | 4 | 3 | 5 | 14 | 2 | 3 | 10 | 10 | 16 | 63 | 94 |
| Operating Profit | 4 | 2 | 4 | 2 | -8 | 21 | 13 | 3 | 163 | 47 | -47 | 47 |
| OPM % | 59% | 37% | 61% | 27% | -151% | 90% | 84% | 25% | 94% | 75% | -297% | 33% |
| Other Income | 2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 |
| Interest | 0 | 1 | 1 | 1 | 0 | 0 | 0 | 0 | 1 | 2 | 16 | 22 |
| Depreciation | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 |
| Profit before tax | 5 | 1 | 4 | 1 | -9 | 21 | 12 | 3 | 163 | 45 | -64 | 25 |
| Tax % | 3% | 39% | 7% | 51% | -29% | 25% | 23% | 23% | 40% | 26% | -23% | |
| Net Profit | 5 | 1 | 3 | 0 | -6 | 16 | 10 | 2 | 98 | 33 | -49 | 23 |
| EPS in Rs | 0.56 | 0.08 | 0.40 | 0.04 | -0.72 | 1.78 | 1.10 | 0.25 | 11.18 | 3.77 | -5.62 | 2.65 |
| Dividend Payout % | 21% | 154% | 30% | 269% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| 10 Years | 5 Years | 3 Years | TTM | 1 Year | Last Year | |
|---|---|---|---|---|---|---|
| Compounded Sales Growth | 10% | -8% | 6% | 752% | ||
| Compounded Profit Growth | % | % | % | 320% | ||
| Stock Price CAGR | 22% | 30% | 39% | 12% | ||
| Return on Equity | 3% | 3% | 4% | -7% |
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 |
| Reserves | 121 | 125 | 124 | 128 | 286 | 238 | 371 | 459 | 428 | 654 | 686 | 640 |
| Borrowings | 0 | 0 | 11 | 0 | 0 | 0 | 0 | 0 | 0 | 10 | 23 | 274 |
| Other Liabilities | 7 | 7 | 24 | 5 | 10 | 3 | 24 | 49 | 25 | 16 | 11 | 3 |
| Total Liabilities | 146 | 149 | 177 | 150 | 314 | 259 | 412 | 525 | 471 | 697 | 738 | 934 |
| Fixed Assets | 21 | 20 | 20 | 20 | 18 | 17 | 17 | 17 | 16 | 16 | 16 | 17 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2 |
| Investments | 33 | 56 | 70 | 86 | 276 | 223 | 353 | 473 | 427 | 649 | 682 | 845 |
| Other Assets | 92 | 73 | 87 | 45 | 20 | 19 | 43 | 35 | 28 | 32 | 41 | 70 |
| Total Assets | 146 | 149 | 177 | 150 | 314 | 259 | 412 | 525 | 471 | 697 | 738 | 934 |
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity | -38 | 5 | 31 | -14 | 1 | 5 | -10 | 8 | -18 | 21 | -40 | -23 |
| Cash from Investing Activity | 35 | 5 | -22 | 5 | 2 | -0 | 22 | -22 | 18 | -24 | 17 | -209 |
| Cash from Financing Activity | -2 | -3 | 11 | -12 | -1 | -1 | -0 | -0 | -0 | 10 | 12 | 236 |
| Net Cash Flow | -5 | 7 | 20 | -22 | 2 | 4 | 12 | -14 | -1 | 7 | -11 | 4 |
| Free Cash Flow | -38 | 5 | 31 | -14 | 1 | 5 | -10 | 8 | -18 | 22 | -40 | -26 |
| CFO/OP | -367% | 144% | 1,491% | -318% | 104% | -64% | -45% | 72% | -514% | 50% | -51% | 36% |
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 24 | 835 | 224 | 56 | 12 | 13 | 0 | 3 | 0 | 0 | 1 | 1 |
| Inventory Days | ||||||||||||
| Days Payable | ||||||||||||
| Cash Conversion Cycle | 24 | 835 | 224 | 56 | 12 | 13 | 0 | 3 | 0 | 0 | 1 | 1 |
| Working Capital Days | 2,367 | 3,181 | 220 | 1,514 | 88 | 109 | 185 | 62 | 208 | 3 | 97 | 94 |
| ROCE % | 8% | 4% | 1% | 3% | 1% | -3% | 6% | 3% | 1% | 29% | 7% | -6% |
| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoters | 74.84% | 74.84% | 74.84% | 74.84% | 74.84% | 74.84% | 74.84% | 74.85% | 74.85% | 74.85% | 74.85% | 74.85% |
| FIIs | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.24% | 0.30% | 0.30% | 0.30% |
| Public | 25.16% | 25.18% | 25.17% | 25.16% | 25.16% | 25.16% | 25.16% | 25.15% | 24.91% | 24.86% | 24.86% | 24.85% |
| No. of Shareholders | 5,887 | 5,901 | 6,274 | 6,120 | 6,507 | 6,589 | 7,793 | 7,671 | 7,405 | 7,245 | 6,813 | 6,805 |
Fundamentals
Market Cap₹ 479 Cr.
Current Price₹ 55.5
Stock P/E20.7
Book Value₹ 75.2
ROCE-5.79 %
ROE-7.22 %
Dividend Yield0.00 %
Face Value₹ 2.00
Compounded Sales Growth (TTM)752%
Compounded Profit Growth (TTM)320%
Consolidated figures.
Valuation
Market capRs 507 Cr
Enterprise valueRs 727 Cr
P/E (TTM)21.89x
Price to book0.77x
Price to sales3.59x
EV / EBITDA15.30x
EV / EBIT15.50x
EV / sales5.14x
Earnings yield4.57%
P/E, 3-year average5.75x
P/B, 3-year average0.30x
P/E, 5-year average7.56x
P/B, 5-year average0.21x
Profitability
Operating margin (excl. other income)-296.81%
Operating margin (incl. other income)-296.81%
EBITDA margin33.59%
Pre-tax margin17.78%
Net profit margin16.38%
Net margin, latest quarter75.38%
ROE-7.22%
ROCE-5.79%
ROA-5.88%
ROE, 3-year average5.03%
ROCE, 3-year average9.95%
ROA, 3-year average5.16%
ROE, 5-year average3.56%
ROCE, 5-year average6.68%
ROA, 5-year average3.60%
ROIC (approx.)4.10%
Tax rate23.32%
Growth
Sales growth (latest year)-74.49%
Profit growth (latest year)-248.95%
Sales CAGR, 3 years6.23%
Sales CAGR, 5 years-7.55%
Sales growth QoQ4023.31%
Sales growth YoY (latest quarter)101.02%
Profit growth YoY (latest quarter)102.74%
Per share
EPS (TTM)Rs 2.65
EPS (latest year)Rs -5.62
EPS (latest quarter)Rs 16.31
EPS, 3-year averageRs 18.02
EPS, 5-year averageRs 12.16
Book value per shareRs 75.19
Sales per shareRs 16.16
Cash flow per shareRs -2.59
Free cash flow per shareRs -2.97
Efficiency
Asset turnover0.02x
Fixed asset turnover0.94x
Debtor days1 days
Debtors turnover532.67x
Cash conversion cycle1 days
Working capital days94 days
Leverage
Total debtRs 274 Cr
Cash and bankRs 55 Cr
Net debtRs 220 Cr
Debt to equity0.42x
Net debt / EBITDA4.62x
Interest coverage2.16x
Owners' fund to total sources70.40%
Debt to assets29.33%
Cash flow
Cash from Operating Activity (latest year)Rs -23 Cr
Cash from Investing Activity (latest year)Rs -209 Cr
Cash from Financing Activity (latest year)Rs 236 Cr
Net Cash Flow (latest year)Rs 4 Cr
Free cash flow (latest year)Rs -26 Cr
FCFE (approx.: FCF + change in debt)Rs 225 Cr
Cash from ops / profit, 5 years-0.55x
Statement figures
Net sales (TTM)Rs 141 Cr
Net sales (latest year)Rs 16 Cr
Sales (latest quarter)Rs 189 Cr
Operating profit excl. other income (latest year)Rs -47 Cr
Operating profit (latest quarter)Rs 185 Cr
EBITDA (TTM)Rs 48 Cr
PBDT (TTM)Rs 26 Cr
Profit before tax (TTM)Rs 25 Cr
Tax (latest year)Rs -15 Cr
Net profit (TTM)Rs 23 Cr
Net profit (latest year)Rs -49 Cr
Net profit (latest quarter)Rs 143 Cr
Depreciation (TTM)Rs 1 Cr
Depreciation (latest quarter)Rs 0 Cr
Interest (TTM)Rs 22 Cr
Cost of goods sold (latest year)Rs 47 Cr
Total expenditure (latest year)Rs 63 Cr
Total income (latest year)Rs 16 Cr
Share capitalRs 18 Cr
ReservesRs 640 Cr
Shareholders' fundsRs 658 Cr
Total assetsRs 934 Cr
Net blockRs 17 Cr
Capital work in progressRs 2 Cr
InvestmentsRs 845 Cr
ReceivablesRs 0 Cr
Other liabilitiesRs 3 Cr
Shares outstanding (crore)8.75
Ownership
Promoter holding74.85% (+0.00 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/E 21.9 is at the 45th percentile of its own 7.4-year range
(median 24.2, low 3.0, high 242.3).
P/B 0.77 is at the 93th percentile (median 0.42).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
| Period | SHARDUL | Nifty 50 | Difference |
|---|---|---|---|
| 1 week | +4.9% | -2.8% | +7.7 pts |
| 1 month | +9.9% | -6.8% | +16.7 pts |
| 3 months | +107.2% | -7.6% | +114.8 pts |
| 3 years | +177.4% | +14.2% | +163.2 pts |
| 5 years | +287.3% | +27.9% | +259.4 pts |
Red flags
F-score 2 of 8| explain | Weak cash conversion Cash from operations was -50% of net profit over the last 3 years |
| explain | Debt up, profit down Borrowings up 1083% while net profit fell in 2026 |
| look | On NSE surveillance On NSE surveillance: ESM |
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.
Latest quarter
Jun 2026Sales ₹189 Cr +101.1% vs Jun 2025.
Net profit ₹143 Cr +104.3%.
Activity
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|---|---|---|---|
| Billionbrains Garage Ventures Ltd | 115,133 | 47.2 | 37.3 % |
| Motilal Oswal Financial Services Ltd | 60,069 | 30.3 | 12.7 % |
| 360 ONE WAM Ltd | 41,983 | 33.3 | 12.1 % |
| Nuvama Wealth Management Ltd | 30,484 | 28.2 | 17.5 % |
| Angel One Ltd | 25,014 | 24.2 | 14.8 % |
| IIFL Capital Services Ltd | 10,878 | 19.1 | 21.1 % |
| Share India Securities Ltd | 4,492 | 12.4 | 18.4 % |
| Anand Rathi Share & Stock Brokers Ltd | 3,156 | 21.4 | 19.8 % |
| Monarch Networth Capital Ltd | 2,714 | 15.0 | 27.6 % |
| Geojit Financial Services Ltd | 2,138 | 27.5 | 9.02 % |
| SMC Global Securities Ltd | 1,948 | 17.9 | 11.4 % |
| 5paisa Capital Ltd | 1,429 | 32.3 | 9.94 % |
| Dolat Algotech Ltd | 1,151 | 8.00 | 16.3 % |
| Dam Capital Advisors Ltd | 1,101 | 15.2 | 35.4 % |
| Systematix Corporate Services Ltd | 1,030 | 8.49 % |
No bulk or block deals on record.
No corporate actions on record.
No announcements in our files yet.
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
ESM: stage 1Less than 100 unique PAN traded in previous 30 days